SITE Centers (NYSE:SITC) Reaches New 52-Week Low – Here’s What Happened

SITE Centers Corp. (NYSE:SITC) shares reached a new 52-week low during trading on Wednesday . The stock traded as low as $15.80 and last traded at $16.00, with a volume of 438192 shares traded. The stock had previously closed at $16.20.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SITC. Morgan Stanley raised their price objective on shares of SITE Centers from $56.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Evercore ISI raised shares of SITE Centers to a “hold” rating in a research note on Wednesday, July 31st. Piper Sandler decreased their price objective on shares of SITE Centers from $23.00 to $20.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Compass Point decreased their price objective on shares of SITE Centers from $64.00 to $17.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Finally, KeyCorp reissued a “sector weight” rating on shares of SITE Centers in a research note on Monday, October 7th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $58.89.

SITE Centers Stock Down 1.9 %

The stock has a market capitalization of $833.64 million, a PE ratio of 1.17 and a beta of 1.62. The company has a debt-to-equity ratio of 0.12, a current ratio of 6.55 and a quick ratio of 6.55. The business’s fifty day moving average price is $32.73 and its two-hundred day moving average price is $148.62.

SITE Centers (NYSE:SITC) last posted its earnings results on Wednesday, October 30th. The company reported $6.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $5.20. The company had revenue of $89.43 million during the quarter, compared to the consensus estimate of $104.55 million. SITE Centers had a net margin of 164.10% and a return on equity of 34.20%. The firm’s quarterly revenue was down 37.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.32 earnings per share. On average, equities research analysts forecast that SITE Centers Corp. will post 2.9 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Landscape Capital Management L.L.C. acquired a new position in shares of SITE Centers during the 3rd quarter worth about $319,000. Meeder Asset Management Inc. purchased a new stake in SITE Centers during the 3rd quarter valued at about $2,596,000. Quest Partners LLC grew its stake in SITE Centers by 1,046.5% during the 3rd quarter. Quest Partners LLC now owns 30,394 shares of the company’s stock valued at $1,839,000 after acquiring an additional 27,743 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in SITE Centers during the 3rd quarter valued at about $617,000. Finally, Los Angeles Capital Management LLC purchased a new stake in SITE Centers during the 3rd quarter valued at about $355,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

SITE Centers Company Profile

SITE Centers is an owner and manager of open-air shopping centers located in suburban, high household income communities. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol SITC.